OfflineMobile homes can create an excellent cash flow. If you purchase mobile homes that have the land attached you can rent the whole, sell the mobile and rent the land, sell all of it and carry seller financing. You also get the appreciation on the land. The large cash flow, good appreciation on a small investment can make huge ROI's for you.
Selling the mobile and renting the mobile can also defer the maintenance and its costs to the buyer of the mobile. They own the mobile and need to cover the repairs. What repairs are needed for the land? Occasionally you will have buyers that ask to fix the plumbing but you can put in the contract that they cover this.
If you work with mobiles without land you do not have all of the benefits but you can still rent or do seller financing (which can still make huge returns).
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I wish I knew that when I had my mobile home, but I can't complain, it made me a lot of cashola for being a 1970 home! Thanks again for the great info Coach!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I just saw this ad...Mobil home asking price originally $18,000...reduced to $6000 (today) and appraised at $24,000. This seller is relocating to another town for job.
It's located in a nice park. Should I pass this up because it's in a park?
I think it would be a nice flip/rental, any input would be appreciated, Thanks!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Hey Nate, Nice post. A question for you. Would a rent to own deal be just as good on a mobil home in a park or on land. What I'm trying to say is, is a RTO just as profitable on a trailer as it is on a house? There, I got it out!! Lot of trailers up my way in upstate NY, but many are in parks. Still profitable??....Jan
Dawn... Talk to the park manager to see what their requirements are. Get to know them well and build raport. You can let them know that you buy mobile homes, and if they know of any offer them a finder's fee ($100) if you buy one they refer to you.
I would offer $4,000 on that one, just because they say it's worth $18,000 doesn't mean it is. Most likely it isn't.
Jan... RTO can be VERY profitable, but you still have the responsibility of a landlord. What I would recommend is owner financing that way THEY are responsible for maintenance and paying the lot rent.
Good luck and God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Manager requires good credit, no criminal record, no med bills, no dogs.
Lot rent $200-210/month.
I went to look at it last night. Needs LOTS of work and he's asking $6000 because that's what he owes on it still. Needs a roof, siding & lots of cosmetic on the inside, faucets, flooring...I also called a couple banks for financing & found one that does Mobile homes but you have to be owner/occupant.
Wish I had a hunk of land to put it on, they sell for much more around here!
Thanks again for your help Nathan!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie